IGN's
Half-Life 2 Media Page now offers a link to a Half-Life 2 teaser (the link
was broken for a bit after being posted, but seems to work properly now). The
11.9 MB movie is in QuickTime format. There are also Half-Life
2 Impressions on GameSpot with a detailed rundown on what they saw,
concluding with: "Frankly, we were blown away by what we saw of Half-Life 2
here, and though this was a rolling demo (albeit of real-time gameplay), Valve
proceeded to demonstrate the bug bait level in action, which looked just as good
as in the rolling demo. Based on the 25-minute Half-Life 2 demo, we can say with
reasonable certainty that this is definitely a game worth looking forward to."

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I'm pretty sure it's just a placeholder. They're not going to reuse one garish bit of old content in the game when they've totally redesigned everything else from the ground up.

I actually found out a little more about the e3 demo. It was an actual demo format that the engine was then playing back: meaning that all the action was "sampled" at a fairly low rate, and then interpolated: giving it a bit of the sorts of hitchy prediction artifacts (like inexact relative timing of various events) that multiplayer games sometimes have. An actual running game doesn't have such problems (though they are pretty hard to see) but Valve decided that the demo playback system was good enough for the purposes of wowing people at e3.This comment was edited on May 21, 19:46.